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Vancouver Island Motorsport Circuit

Full throttle.

• STORY: Jim Tobler
  http://montecristomagazine.com/magazine/summer-2016/vancouver-island-motorsport-circuit

Right in the heart of idyllic Cowichan Valley on Vancouver Island is a world-class raceway, a Federation Internationale de l’Automobile-designed track with five combinations for different activities, of Formula One quality, but laying resplendent amidst waves of scenic greenery.

Peter Trzewik and Sylvester Chuang of Gain Vancouver Island had a dream of creating a place where their clients could drive their cars at high speeds and, after some thought, they hit upon a seminal notion: employ Hermann Tilke, founder of Tilke Engineers and Architects, arguably the world’s most renowned and respected Formula One track designer, responsible for, among others, the tracks at Bahrain International Circuit, Shanghai International Circuit, Istanbul Park, and Valencia Street Circuit. Trzewik, himself an accomplished driver with plenty of links to the German auto industry, connected with the Tilke team and convinced them to pay a visit to the proposed site. Though undoubtedly tired from a long trip that also took them to the States and Mexico, after spending 36 hours on the island, Trzewik says they couldn’t stop talking about how beautiful it was and that they wanted in. The exciting project opened in June.

The Circuit site is only a few kilometres off the Trans-Canada Highway, not far from Duncan, and not so far, either, from Nanaimo. This is a vital part of the overall plan, since potential members of the Motorsport Circuit will have access to the tracks, the clubhouse, and the newly (and splendidly) renovated and soon-to-be-reopened Villa Eyrie located between Victoria and Duncan. The options are not limited, but as Trzewik describes it, “You can arrive in Nanaimo, or in Victoria. We will get you to your accommodations and arrange transport to the track.” There are many options for accommodation, but Villa Eyrie is ideally located, and is owned by the resort. “You can golf in the morning, race in the afternoon, or vice versa,” says Trzewik. “You can have a wonderful evening at the resort, and be ready for the next day.” One of the Circuit’s big advantages is that it is the only one in Canada that is virtually a 365-day-a-year facility. Similar setups are seasonal; others are extreme distances away. Membership has plenty of advantages, including 25 years of driving club privileges, access to the clubhouse restaurant any day of the year, and, for an extra fee, an on-site vehicle storage facility.

Professional instructors, including celebrity guests, and a driving academy are available. State-of-the-art technology allows each lap’s performance specifications to be analyzed, showing drivers where they are doing well and where they can stand to improve. Multiple elevation changes, 19 corners, variants in corner banking degrees, seven different track configurations, all are part of this wonderland for drivers. There is even an off-road track with 10 elements, also designed by Tilke. Trzewik is now able to share his passion for beautiful cars and high-performance driving with members of the Circuit, who in turn can bring guests, and create bespoke driving experiences. Full throttle, Formula One-style fun.

To unravel the politics of Metro Vancouver’s red-hot, real estate market, just follow the money. And the votes.

http://www.theprovince.com/business/Smyth+politics+Metro+Vancouver+real+estate+money+votes+rule/11988848/story.html

Premier Christy Clark has resisted aggressive intervention in a hyper-inflated market that’s soured the dream of home ownership for non-millionaires.

Why has Clark fiddled while the market burns? Maybe it’s the $12 million donated by real estate tycoons and property-development companies to Clark’s governing Liberal party over the last decade.

But here’s another reason Clark might not want to spoil the real estate profit-palooza: the vast sums of money flowing into government coffers from the property transfer tax.

When a B.C. home is sold, the government takes a percentage cut. The higher the price, the more the government collects.

With prices soaring, the government is making a transfer-tax killing: an astonishing $1.49 billion in the last fiscal year, a 40-per-cent increase in one year.

The transfer-tax take was $562 million more than the government budgeted at the start of the year, allowing the Liberals to balance the books and giving Clark a key re-election talking point.

How big is this pot of money? It’s more than the government got from lotteries and casinos. More than the carbon tax. More than tobacco. More than liquor. More than royalties from forestry, mining and natural gas combined.

As the government rakes in money from real estate sales, Clark says she’s worried about taking steps that would reduce home prices and erode existing homeowners’ equity.

Polls and demographic studies suggest those homeowners are more likely to vote and vote Liberal.

“Homeowners were much more likely to vote than renters — 71 per cent versus 54 per cent,” concluded a 2012 Statistics Canada study on voter turnout rates.

“Homeowners tend to have lived in the area longer, so they are more familiar with the candidates and where to vote,” explained pollster Greg Lyle of Innovative Research.

The same StatsCan study said older, wealthier voters (who tend to be homeowners) are also more likely to vote than younger, less-wealthy voters (who tend to be renters).

“Renters tend to be more likely to support parties on the left, while homeowners are more likely to vote for those on the right,” Lyle said.

In other words, homeowners show up on election day more than renters. And homeowners tend to vote Liberal to boot, while renters tend to vote NDP if they bother to vote at all.

Is it any wonder Clark doesn't wish to anger homeowners who now represent a crucial Liberal voting bloc across a Metro Vancouver packed with critical swing ridings in the election?

Watch for Clark to continue to protect the interests of existing homeowners, as the red-hot housing market increases their equity and pumps more millions into the coffers of the Liberal party and government.

msmyth@theprovince.com

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Feverish Pace of Sales Continues in May Victoria Real Estate Market

A total of 1,289 properties sold in the Victoria Real Estate Board region this May, an increase of 42.4 per cent compared to the 905 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,406 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May, 40.5 per cent fewer than the 4,043 active listings at the end of May 2015.

"These are very interesting times in local real estate," notes Mike Nugent, 2016 President of the Board. "The market we are experiencing has exceeded our expectations. There are influences in the marketplace that we do not fully understand yet, like the impact of out-of-town buyers and millenials moving into the market, and the seemingly sudden international attention our island city has started to receive. And some folks may be buying now because they are concerned that the market is going to continue to increase in value. Traditionally spring is the most active season for real estate, so it will be interesting to see if this feverish pace continues into the summer months."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May, 2015 was $593,200. The benchmark value for the same home in May 2016 has increased by 19 per cent to $706,500.

"We define months of inventory as the number of months it would take to sell our entire inventory of active listings at the current rate of sales if no new listings became available. In May last year we had 4.5 months of inventory and in May 2014 we saw 6.5 months. This year, May had 1.9 months of inventory. Last year in June we saw 4.4 months of inventory, so if the pattern continues we may see less inventory than in previous years. Current low inventory dictates that pressures moving prices up could well remain strong, particularly in the core region. It can be a challenging time to get into the market," adds Nugent.  "As always, a local REALTOR® can help buyers with a strategy to get into a home and can help sellers to create a pricing plan to best reflect the current value of their property. Our Realtors have access to regular education on best practices, including how to navigate multiple offers, which is something many buyers encounter as they shop for houses in some of our more popular neighbourhoods. I think the key right now is to be patient, consider options like different neighbourhoods or types of housing and to prepare with your Realtor as much as possible ahead of time so that you are best positioned to make your move."